Centre of Main Interests meaning

Mobile Telecommunications Company KSCP v HRH Prince Hussam [2025] EWHC 85 (Ch) What are the practical implications of this case? This dispute examined the jurisdictional bases available for a creditor’s bankruptcy petition under the Insolvency Act 1986, and in particular those contained in section 265 of that Act. The initial limb, concerning the debtor’s centre of main interests, was not applicable in this instance. Attention therefore shifted to the second limb in section 265: whether, during the three years leading up to the petition date (the relevant period), the debtor maintained a place of residence within the jurisdiction. Drawing together various and disparate strands from earlier authorities, the court expressly set out at [148] a clear and authoritative five-part framework that defines the quality and degree of occupation required to found jurisdiction in this context: first, the jurisdictional inquiry should properly be approached with an interpretation suitable for the court taking control of a foreign national’s affairs in bankruptcy matters secondly, holding a legal or...

Dobbies Garden Centres Limited sought a Part 26A restructuring plan at a convening hearing in October 2024 and a sanction hearing in December 2024 before the Scottish Outer House, Court of Session. The key headline points are set out below (capitalised terms not defined here have the meanings given in the sanction judgment). This Deal Debrief forms part of our Restructuring plans collection. For an in‑depth analysis of key metrics from RPs filed in England & Wales in 2023, together with commentary from leading figures in the restructuring sphere, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company Dobbies Garden Centres Limited (the Company) Industry sector Garden centres Place of debtor’s incorporation and jurisdictional factors The Company was incorporated in Scotland and its centre of main interests (COMI) was in Scotland. Legal counsel involved The Company: Almira Delibegovic-Broome KC and Elisabeth Roxburgh (instructed by Burness Paull LLP and Macfarlanes LLP) Timeline...

Different definitions of COMI The expression 'centre of main interests' (COMI) is common in cross-border restructuring and, across the regimes below, (i) is defined in slightly different ways and (ii) results in different consequences: Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), the Recast Regulation on Insolvency (EU Recast Regulation on Insolvency) operating between Member States (see Practice Note: Recast Regulation on Insolvency as between Member States-main, secondary and territorial proceedings) (and as it used to apply to the UK pre-Brexit), where COMI determines which courts may commence 'main proceedings'. The Assimilated Regulation (EU) 2015/848 (Assimilated Recast Regulation on Insolvency) (previously called the Retained Recast Regulation on Insolvency) as it applies to the UK post-Brexit, where COMI identifies which courts can commence 'COMI proceedings' (see further discussion of effects below). The UNCITRAL Model Law on cross-border insolvency (see Practice Note: How courts determine COMI under the UNCITRAL Model Law (and when an Establishment is enough)), where COMI is useful in cross-border recognition matters to...

Part 26A restructuring plan deal debrief—CB&I UK Ltd CB&I UK Ltd advanced a Part 26A restructuring plan (RP), with the convening hearing in September 2023 and the sanction hearing in February 2024. The principal points are set out below; capitalised terms not defined here take the meanings used in the convening and sanction judgments. This Deal Debrief forms part of our Restructuring plans collection. For detailed metrics from 2023 RPs and commentary from leading figures in restructuring, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Name of plan company: CB&I UK Ltd (the Company), within a group ultimately owned by Bermudan company McDermott International Limited. Industry sector: Construction/engineering. Place of debtor’s incorporation and jurisdictional factors: England & Wales, with its centre of main interests (COMI) in the UK. The Company entered into a deed of contribution in favour of the borrower...